NC S429

Limits cumulative asbestos-related liabilities of successor corporations to the fair market value of the transferor's total gross assets at the time of merger or consolidation.

Defines successor as a corporation that assumes asbestos liabilities through merger, consolidation, or bankruptcy proceedings that became a successor before January 1, 1972.

Excludes from limitations workers' compensation benefits, non-asbestos claims, collective bargaining obligations, and successors that continue the asbestos business.

Allows fair market value of assets to be established through going concern value, purchase price in arms-length transactions, or balance sheet values, including intangible assets and liability insurance.

Adjusts the asset value cap annually by adding the prime rate plus one percent (non-compounded) until cumulative asbestos liabilities paid exceed the adjusted value; effective July 1, 2013.